A significant 1.04 million CCOs were approved by ARB in the latest issuance from six projects. The six projects were equally divided into three forestry and three livestock projects with two Californian forestry projects contributing over 92% to this week’s total issuance. Credits issued this week lowered, however not significantly, the still large issuance backlog of Registry Offset Credits awaiting ARB’s approval from 35 million to 33.9 million.

Over 63.36% of this week’s credits were issued to Sacramento Canyon ARB001 (CAR1041) which is developed by Sierra Pacific Industries. It is an IFM project which was issued 662K credits from its first reporting period with over 127K credits in the buffer pool. It is one of the two Californian projects to accrue credits for this week’s issuance.

Buck Mountain ARB002 (CAR1066) was the second highest grossing project of the week, receiving 302K credits from its first reporting period. 59.2K credits were issued to 3 livestock projects. Dairyland digester (CAR969), developed by Energy Systems group, was awarded over 27K credits from its fourth reporting period. It has generated over 52K credits from previous reporting periods. Big Sky Dairy (ACR190) of Camco International Group accrued over 23K from its third reporting period. Over 21K credits were awarded to Camp Shelby Forest Carbon Project (ACR288) developed by Compatible Lands Foundation.

Over 153K CCO8s underwent conversion to lower risk CCO3s for the week from 3 projects. Over 54K credits from the first three reporting periods of Dairyland Digester (CAR969) transitioned to CCO3s. Similarly, over 43K credits from the first two reporting periods of Big Sky Dairy (ACR190) and the 55K credits given to DPC Domestic ODS Destruction Project #28 (CAR1251) underwent conversion to CCO3s. The former is being developed by Camco International Group and the latter by Diversified Pure Chem.

Out of the total 86.1 million offsets issued till now California has the highest contribution of 19.1 million (22%). Washington comes next with over 14.4 million offsets issued, but, however 14.1 million of those offsets came from the single Colville IFM project. With the impending changes in offset usage limits through AB398 draws closer, it remains to be seen if Californian supply will be able to meet the demand.

ARB’s next issuance will take place on Dec 6.

Abhilasha Fullonton (abhilasha.fullonton@californiacarbon.info)

Ronjoy Bezbarua (ronjoy.bezbarua@californiacarbon.info)